Binance continues to edge lower against bitcoin as the latter has established yet another set of record highs. Price is still hovering around support at 0.000195 and might be due for a break lower as it made lower highs.

The short-term moving average is below the longer-term one on this 1-hour chart of Binance versus bitcoin, indicating that sellers are trying harder. A break below the near-term support could set off new lows for price, especially as stochastic moves down from overbought levels.

On the 4-hour time frame, it looks more of a consolidation pattern than a triangle but price also appears to be pressing lower, although volume is subsiding. Stochastic is treading sideways on this chart to indicate further consolidation.

The short-term moving average is below the longer-term one on this time frame as well, which means that the path of least resistance is to the downside.

The descending triangle is still intact on the daily time frame and price is on its third test of support. A breakdown could take it down to the 0.000100 handle then to the longer-term bottom.

However, stochastic is already indicating oversold conditions for quite some time so sellers might not have enough energy left in them. Then again, the low liquidity over the Thanksgiving holidays could spur larger volatility even from small positions.

Bitcoin has recovered against most of its counterparts, rendering other digital assets weaker in comparison. Traders are still keeping tabs on rival versions bitcoin cash and bitcoin gold to gauge where the original core version might be headed next. Updates on the CME bitcoin futures product could also affect Binance movement versus bitcoin.


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